Mar 8, 2017 - ... hearing, honoring the full faith and credit of our outstanding debt is ... cc: The Honorable Kevin Bra
DEPARTMENT OF THE TREASURY WASHINGTON, D.C. SECRETARY OF THE TREASURY
March 8, 2017
The Honorable Paul D. Ryan Speaker U.S. House of Representatives Washington, DC 20515 Dear Mr. Speaker: I write to apprise you of certain upcoming events and actions related to the debt limit. As you know, the Bipartisan Budget Act of2015 suspended the statutory debt limit through Wednesday, March 15, 2017. Beginning on Thursday, March 16, 2017, the outstanding debt of the United States will be at the statutory limit. At that time, Treasury anticipates that it will need to start taking certain extraordinary measures in order to temporarily prevent the United States from defaulting on its obligations. Today, Treasury is announcing that it will suspend the sale of State and Local Government Series (SLGS) securities. SLGS are special-purpose Treasury securities issued to states and municipalities to assist them in conforming to certain tax rules. These securities count against the debt limit. The suspension of SLGS sales will commence on March 15, 2017, and continue until the debt limit is either raised or suspended. As in the past, it is likely Treasury will utilize additional extraordinary measures. As I said in my confirmation hearing, honoring the full faith and credit of our outstanding debt is a critical commitment. I encourage Congress to raise the debt limit at the first opportunity so that we can proceed with our joint priorities. Sincerely,
Steven T. Mnuchin Identical letter sent to: The Honorable Nancy Pelosi, House Democratic Leader The Honorable Mitch McConnell, Senate Majority Leader The Honorable Charles E. Schumer, Senate Democratic Leader cc:
The Honorable Kevin Brady, Chairman, House Committee on Ways and Means The Honorable Richard Neal, Ranking Member, House Committee on Ways and Means The Honorable Orrin G. Hatch, Chairman, Senate Committee on Finance The Honorable Ron Wyden, Ranking Member, Senate Committee on Finance All other Members of the 115th Congress
